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You placed all the ads, reviewed all the resumes, interviewed all the candidates, and hired the perfect staff for your small business. Now that you've got the best and brightest employees in the office, how do you keep them there?
As CNBC reports, one of the biggest factors to employee retention is whether your employees see an internal career path that allows for opportunities to advance within the company. And those businesses that lack internal mobility programs are more likely to see their best employees searching for those opportunities at other firms.
CNBC cites recent research linking a clear company career ladder to higher employee retention rates and organizational success. A study from Future Workplace and Cisco "found that companies that embrace internal career mobility increase employee engagement (49%) improve employee productivity (39%) and improve employee teamwork (39%)." And employees working for companies implementing internal mobility programs were also more likely to consider them a "best place to work."
Another study by Futurestep found that although almost 90 percent of companies believe that internal mobility programs would definitely help with retention, only 30 percent have them. And even those companies putting mobility programs in practice aren't particularly good communicating their talent needs or keeping updated records of employee skills that would be necessary to effectively implement an internal mobility program.
So how do you put your best employees on a path upward and keep them from looking for that path elsewhere? As CNBC suggests, your small business should first commit to hiring from within -- if your employees believe they'll be first in line for new openings, they're more likely to stick around and work hard for the opportunity.
At the same time, your company should remain flexible enough for employees to stretch their legs and develop additional skills outside their standard job description. By providing your employees with new challenges and expanding their existing skill set, you can improve employee engagement and develop the best talent to take on new roles.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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